But eBay's online-payments business has been beaten to the draw by a startup, PayNearMe, which is already letting consumers buy online with cash.

Both PayPal and PayNearMe are tackling a huge slice of the payments market that hasn't been addressed by other startups. Right now, most of the innovation in payments centers around credit cards.

But 60 million adults in the U.S. don't have a credit or debit card, PayNearMe CEO Danny Shader recently told me.

They can forget about using Square or LevelUp, riding on Uber, or snagging an Airbnb rental.

PayNearMe has partnered with 7-Eleven and Ace Cash Express to take payments. How it works: People buy things like a Greyhound bus ticket online. They get a code printed or sent to their phone, and take it to a 7-Eleven store, where they pay the balance due with cash. PayNearMe's also started handling utility bills and even rent payments. Oh, and you can spend money on Amazon, which naturally doesn't accept PayPal.

Small business owners, taxi drivers, and other self-employed individuals have to wait for credit-card payments to hit their bank account. While Square and others have promised speedier payments, it still takes a day or more.